Kanishk Bafna Vs. DCIT, CC-28, JHANDEWALAN EXTN., New Delhi

Parties Involved

Facts Summary

The appeal by the assessee is emanating from the order of the Ld. Commissioner of Income Tax (Appeals-29), New Delhi dated 27.1.2026. The assessment was framed by the DCIT, CC-27, New Delhi, vide order dated 22.10.2021 under section 143(3) of the Income Tax Act, 1961 relevant to assessment year 2020-21. During a search conducted on the residential premises of the assessee on 4.3.2020, gold, diamond, and silver jewellery were found. The Assessing Officer accepted the jewellery except for certain parts which were treated as unexplained. The assessee appealed against this decision to the Ld. CIT(A), who confirmed the action of the Assessing Officer.…

Legal Issues

• 1. The addition of Rs. 69,97,492/- u/s. 69A of the Act found during the course of search.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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